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What is The Hype Around Ottawa’s Boom Towns
What is The Hype Around Ottawa’s Boom Towns: Why “Rural” Ottawa Continues to Grow
While we have seen an increase in home prices steady across the province over the last two years, rural outlier communities like Carleton Place, Arnprior and Kemptville have seen unprecedented growth and attention, handing them over “Boom Town” status. These Ottawa area boom towns are attractive for a plethora of reasons, and have been growing in status and numbers well before COVID-19 jolted the real estate market. Many area residents and visitors alike enjoy the quaint small-town atmosphere with charming brick-and-mortar shops lining downtown area streets, unique restaurants, river views, water access, and plenty of green space and parks to take in the fresh air. It is easy to see why Carleton Place in particular has held the number one spot for the fastest growing town in Canada. .
While the growth was undoubtedly present in the pre-pandemic years, it is evident that today, small towns are having big moments. Having to spend more time at home has allowed the residents of bigger cities the time to reflect on their values in terms of real estate. Where do you want to live when the world shuts down again? Choosing a more affordable abode is also freeing up equity, allowing many to invest in their retirement or live life with more financial freedom. With more people than ever before able to work from the comfort of their home or cottage, adding more distance between your property and the big city is an easier commitment to make.
The last two years have been strenuous on the economy, causing a delay in new builds and an inventory that can’t keep up with the ongoing demand of buyers looking for their piece of real estate heaven. In light of these conditions, home prices in these small boom towns are rising dramatically, slowly tightening the gap that separates them from Ottawa’s housing prices. Carleton Place alone has seen the average sale price of a single family home jump from $348,938 in 2018 to $598,163 in 2021. These price jumps are resulting in residents further expanding their home search as far as Almonte, Cobden, and Renfrew.
We are lucky to live in a city with such a variety of diverse communities to choose from when looking to buy a home. Unlike other big cities, Ottawa is still seeing affordable home prices in all corners. Choosing to move rural, however, is proving to find residents more in terms of space for less in terms of a mortgage, ultimately meeting the evolving needs of our buyers.
Buying now is the best decision you can make, as the increasing cost of real estate is not expected to change directions any time soon. Don’t let the chance of owning your own home be taken from you. At Royal LePage Team Realty, we have offices conveniently located in many of our town and country locations, giving you greater access to community specialists who are happy to welcome you to your new home.
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